Television

Q2-2016, H1-2016: Network 18 reports improved results

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BENGALURU: Network18 Media & Investments Limited (Network18) reported a 7.6 per cent growth in consolidated income from operations (TIO) to Rs 801.1 crore in the quarter ended 30 September, 2015 (Q2-2016, current quarter) as compared to the Rs 744.8 crore in the corresponding year ago quarter. This was a growth of 0.94 per cent as compared to the Rs 793.65 crore in Q1-2016.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore

The company reported a lower consolidated loss (before tax and before prior exceptional and period items) of Rs 8.5 crore than the loss of Rs 14.8 crore in Q2-2015. The company had reported a profit before tax and before prior exceptional and period items of Rs 5.8 crore in Q1-2016.

For the half year ended 30 September, 2015 (H1-2016), the company’s TIO at Rs 1594.8 crore was 9.7 per cent more than the Rs 1453.2 crore in H1-2015. For H1-2016, the company reported a lower loss before tax and before prior exceptional and period items of Rs 2.6 crore as compared to a loss of Rs 58.7 crore in H1-2015.

EBIDTA in Q2-2016 was Rs 19.2 crore as compared to the Rs 17.3 crore in Q2-2015 and the Rs 0.1 crore in the Q1-2016. If one were to neglect the profit of Rs 43 crore earned through sale of Network18’s entire stake in Stargaze Entertainment Private Limited during Q1-2016, the company actually had a negative EBIDTA of Rs 43.3 crore in Q1-2016.

Network18 has holdings in TV18 Broadcast Limited (TV18). TV18 reported a 9.9 per cent growth in revenue to Rs 608.5 crore from Rs 553.7 crore in Q2-2015 and was 2.1 per cent more than the Rs 596.7 crore in Q1-2016. TV18 reported less than half profit after tax (PAT) of Rs 20.27 crore in the current quarter as compared to the PAT of Rs 43.23 crore in Q2-2015. The company had reported a loss of Rs 0.04 crore in the immediate trailing quarter.

TV18’s Media Operations segment reported a six per cent growth in segment revenue to Rs 565.91 crore in Q2-2016 from Rs 533.83 crore in Q2-2015 and was almost flat (fractionally lower) than the Rs 566.31 crore in the immediate trailing quarter. This segment reported a 46.9 per cent drop in operating profit to Rs 26.77 crore as compared to the operating profit of Rs 50.46 crore in Q2-2015. The segment had reported a loss of Rs 8.95 crore in the immediate trailing quarter.

TV18’s Film Production and Distribution segment reported more than double the revenue at Rs 42.62 crore in Q2-2016 as compared to the Rs 19,85 crore in Q2-2015, but was 19 per cent lower than the Rs 52.61 crore in Q1-2016. The segment reported an operating profit of Rs 1.90 crore as compared to an operating loss of Rs 4.38 crore in Q2-2015 and a profit of Rs 1.34 crore in the immediate trailing quarter.

Network18 paid 10.6 per cent more towards programming costs in the current quarter at Rs 190.6 crore as compared to the Rs 172.4 crore in the corresponding year ago quarter, but 7.6 per cent less than the Rs 206.3 crore in Q1-2016.

Network18’s distribution, advertisement and business promotion costs in Q2-2016 declined 5.7 per cent to Rs 208.2 crore as compared to the Rs 220.7 crore in Q2-2015 and declined 1.4 per cent as compared to the Rs 211.2 crore in Q1-2016.

Network18’s employee benefit expense increased 20 per cent in Q2-2016 to Rs 162.5 crore as compared to the Rs 135.4 crore in Q2-2015 and increased 1.7 per cent as compared to the Rs 159.8 crore in the immediate trailing quarter.

Network18’s finance costs in Q2-2016 declined 20.3 per cent to Rs 23.1 crore as compared to the Rs 29 crore in Q2-2015 and declined 6.9 per cent as compared to the Rs 24.8 crore in Q1-2016.

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